As small businesses across the U.S. scramble for a limited pot of federal money, big corporations are basically getting an unlimited credit line from the Federal Reserve — and they don't have the same strings attached. (planetmoney)
In early April, Bharat Ramamurti got a call from U.S. Senate Minority Leader Chuck Schumer's office, informing him that the senator was selecting him as the first member of what would become the five-member Congressional Oversight Commission. The commission, which was created by the Coronavirus Aid, Relief, and Economic Security Act, oversees trillions of dollars in federal spending to rescue America from the COVID-19 crisis.
Along the way, Ramamurti has grown increasingly worried that small and medium-sized businesses are getting crushed as big corporations make out like bandits. Corporate America, on the other hand, is getting basically an unlimited credit line from the Federal Reserve. The Fed, which is working in conjunction with the Treasury Department, has promised to buy trillions and trillions of dollars in corporate bonds. As small businesses scramble for a limited pot of federal money, big businesses are getting access to the Fed's unlimited money-creating machine. Ramamurti believes that is unfair.
The Fed's mere announcement that it was going to lend all this money sent corporate America's stock prices soaring. Despite the catastrophic collapse of the labor market — the worst monthly job losses in American history — the stock market just got done with its best month in decades.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Why Doing Nothing Is As Healthy for You As Working Out'Even when I did have time away from my computer during my work cyclone to run, shower, or eat, I was also listening to podcasts or scrolling through Instagram. What I didn’t do was daydream, or stare blankly into space, or do any kind of nothing at all.'
Weiterlesen »
Quarantine Sucks. Why Not Get Engaged?'I didn't want us to think about the quarantine as that time that I lost my job for a brief time. I wanted to think about when we were stuck in the house, and we got engaged.'
Weiterlesen »
Why the US isn't prepared to meet overwhelming demand for a coronavirus vaccineEven as coronavirus deaths mount and infections make inroads into the White House, President Trump is maintaining his upbeat message about reopening the country and restarting the economy
Weiterlesen »
Why There Are Still So Many Empty Shelves at the Grocery StoreEven as other products return to the shelves, meat supply disruptions are likely to persist as long as meat-processing facilities are vulnerable to coronavirus outbreaks. jbarro writes
Weiterlesen »
Demi Moore's daughter Tallulah spills why she didn't speak to mum for 3 yearsDemi Moore's daughter Tallulah opened up about not speaking to her famous mother for three years
Weiterlesen »